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Residential real-estate market booming throughout region

Mid-Hudson Region is a Seller’s Market–buyer’s galore, prices rising rapidly.  Read all the current news for the first two quarters of 2018.  Inventory is low, buyer interest is high, bidding wars are common.  Here’s the link:  http://www.recordonline.com/news/20180728/residential-real-estate-market-booming-throughout-region.

Most owners who purchased prior to the 2008 bust are back on their feet and even making a profit on homes that haven’t seen the North Side of positive equity in years.  Is it a good time to buy?

Buyers should waste no time contacting us to set up showing appointments.  if you need a home, yes–it’s a good time to buy, but you have to be determined and act quickly.  Call us and we’ll help.

 

Kartrite Hotel and Indoor Waterpark at Resorts World Casino

The Kartite Hotel and Indoor Waterpark will open in 2019.  Here is a brief update.  Find more news and information here.  Coupling the casino, golf course, and waterpark brings Sullivan County, NY Hospitality to a new level.

Realtor.com: Early Signs of a Slowdown

Home prices and sales are at their speediest yet, but there are indicators of tempering, according to data from realtor.com®.

In May, listings were at a median $297,000, which is 2 percent higher than in April and 8 percent higher than in May 2017. Annual growth, however, lost steam; in February, home prices were up 10 percent year-over-year.

The average home sold in 55 days—a record—and there were 6 percent less listings than there were a year ago, for a total of 1.44 million.

“We’re in the thick of the hottest home-buying season of all time,” says Javier Vivas, director of Economic Research at realtor.com. “The pace of U.S. home sales has officially reached a seasonal and historical high, but we’re also beginning to see slight signs of deceleration. As more and more new listings come onto the market, inventory declines are starting to lose momentum. On the surface, this offers a glimmer of hope to homebuyers, and, if sustained, could plug the supply leak.

“However, total listing volume remains highly dependent on new construction, much of which is still out of the price range of first-time buyers—the largest segment of buyers,” Vivas says. “Even as inventory recovers, the mix of what’s available versus what shoppers are looking for could become an even more pronounced mismatch.

“Unfortunately for buyers, median list prices continue to show strong yearly growth and fail to hint that home values will stall any time soon.”

For more information, please visit www.realtor.com.

Suzanne De Vita is RISMedia’s online news editor. wrote this article

Resorts World Catskills–Comprehensive Update

It’s been two months, and the casino is settling in.  The anticipation, and now reality, of having a full scale gambling and extended entertainment venue in Sullivan County, NY is beginning to take shape along many fronts.  Read the extended article and listen to the podcast for a fuller understanding of the what Resorts World Catskills is doing and how it is effecting the local economy and infrastructure.

How to Know You’ve Found the Right House

Finding the right house can be a lot like dating: it pays to be choosy, but you should also remain open and flexible. Below are a handful of ways you can tell if you’ve just seen the house for you.

You don’t want to sleep on it. Sleeping on it (i.e., waiting until tomorrow to make a decision) may sound sensible, but if you’re in a hot housing market, it doesn’t pay to lose time. If you walk out of a property and immediately want to make an offer, go for it. Trust your instincts.

You feel at home. This may seem obvious, but your future home should make you feel warm and welcome as soon as you walk in. Pay attention to how you feel when you walk the halls.

You imagine growing in the space. Whether you see that extra bedroom as a future nursery or that finished basement as a hangout for your tots when they finally become teens, imagining your family growing and evolving inside the home is a great sign.

You’re dreaming of furniture. When you walk into a home and immediately get excited about setting your things up inside, the home is talking to you, and it pays to listen.

It meets most of your needs. While it doesn’t pay to stick to a long and rigid list with details like a wrap-around-porch or bay windows, the simple basics like location, budget and number of bedrooms should be within the lines of what you want.

First Time Buyers Beware

First-time homebuyers are in for it this spring, with an all but depleted inventory at their price point, according to the Q1 2018 Inventory and Price Watch from Trulia. Their challenges, however, are more than scarcity.

“First-time homebuyers face a perfect storm this spring,” says Cheryl Young, senior economist at Trulia. “Affordable, move-in ready starter homes have become harder to find amid rising home prices and mortgage rates. While new-home construction hit a 10-year high in 2017, these units have not translated into starter-home inventory just yet.”

Entry-level home prices have risen 9.6 percent since the first quarter of 2017, according to Trulia, and inventory in the segment shrunk 14.2 percent just in the first quarter of 2018. The average buyer would need 41.2 percent of their income to purchase a starter today.

“Builders are focusing on the more upper-middle or premium home segments—mostly because of returns on investments,” Young says. “Though builder sentiment is quite high, they have some headwinds around a shortage of labor. The focus now is trying to maximize their return, and, unfortunately, it’s not at the bottom of the market.”

In general, inventory has risen 3.3 percent, but is being driven mostly by the premium segment, which added 13.3 percent supply year-over-year. Breaking down the data:

Trulia_Q1_Inventory_2

In addition to affordability constraints, the condition of entry-level homes is fading. Compared to entry-level homes in 2012, the average entry-level home is nine years older, and more are becoming classified as fixers—an 11.2 percent share today, versus a 10.3 percent share in 2012. Moreover, entry-level homes have 2 percent less square feet (down to 1,187 square feet from 1,211 square feet). Why?

“What’s actually out there is getting tighter, and what may have been on the cusp of the starter/trade-up is now trade-up—everything is starting to spread,” says Young. “What’s filtering down in the starter home market now is the smallest, oldest, lower-quality homes.”

For more information, please visit www.trulia.com.

DeVita_Suzanne_60x60Suzanne De Vita is RISMedia’s online news editor. Email her your real estate news ideas at sdevita@rismedia.com. For the latest real estate news and trends, bookmark RISMedia.com.

 

Across All Buyers, Millennials Have the Most Purchases

Across All Buyers, Millennials Have the Most Purchases

In housing, generations intersect regularly. Who’s downsizing? Who’s driving the market? Who’s trading up?

The generation impressing on the market most today? Millennials, according to the 2018 Home Buyer and Seller Generational Trends study, recently released by the National Association of REALTORS® (NAR). Millennials are accounting for 36 percent of purchases, ahead of baby boomers at 32 percent, Generation Xers at 26 percent, and the Silent Generation at 6 percent.

NAR_Generational

“REALTORS® throughout the country have noticed both the notable upturn in buyer interest from young adults over the past year, as well as mounting frustration once they begin actively searching for a home to buy,” says Lawrence Yun, chief economist at NAR, of the study. “Prices keep rising for the limited number of listings on the market they can afford, which is creating stark competition, speedy price growth and the need to save more in order to buy. These challenging market conditions have caused—and will continue to cause—many aspiring millennial buyers to continue renting unless more Gen Xers decide to sell, and entry-level home construction picks up significantly.”

Millennials are buying homes with higher values, but the same square footage: $220,000 for 1,800 square feet, versus last year’s $205,000 for the same size, reveals the study. They are close to family and friends, as well, and prefer to reside near them—an attribute in common with other generations.

“The sense of community and wanting friends and family nearby is a major factor for many homebuyers of all ages,” Yun says. “Similar to Gen X buyers who have their parents living at home, millennial buyers with kids may seek the convenience of having family nearby to help raise their family.”

Additionally, 52 percent of the millennials in the study have at least one child—an indicator of the likelihood of a move—and another 52 percent purchased in the suburbs. Eighty-five percent purchased a single-family; just 2 percent went with a condominium.

“While there is an overall trend among households young and old to migrate towards urban areas, the very low production of new condos means there are few affordable options for buyers, especially millennials,” says Yun.

All generations enlisted a real estate professional for their transaction, according to the study. Ninety percent of millennials are most likely to purchase through a REALTOR®, with 75 percent believing they can educate them about the process. Ninety percent of millennials are most likely to list with a REALTOR®, as well, and at least 84 percent of every other generation partnered with a REALTOR®.

“Especially in today’s fast-moving housing market, consumers of all ages want a REALTOR® to guide them through the exhilarating, yet nerve-wracking experience of buying or selling a home,” says NAR President Elizabeth Mendenhall.

For more information, please visit www.nar.realtor.

Pending Sales Cave Under Mortgage Rate, Supply Pressures

 

January’s pending home sales caved, dropping 4.7 percent in the National Association of REALTORS® (NAR) Pending Home Sales Index (PHSI). All four of the major regions in the U.S. experienced fewer sales, with the Northeast 9 percent lower, the Midwest 6.6 percent lower, the South 3.9 percent lower, and the West 1.2 percent lower.

January 2018 Pending Home Sales Infographic

According to Lawrence Yun, chief economist at NAR, January’s activity is attributable to mortgage rates and supply, which have created conditions that are stifling transactions.

“The economy is in great shape, most local job markets are very strong and incomes are slowly rising, but there’s little doubt last month’s retreat in contract signings occurred because of woefully low supply levels and the sudden increase in mortgage rates,” says Yun. “The lower end of the market continues to feel the brunt of these supply and affordability impediments. With the cost of buying a home getting more expensive and not enough inventory, some prospective buyers are either waiting until listings increase come spring or now having to delay their search entirely to save up for a larger down payment.”

Inventory in January was 9.5 percent lower than what it was in January 2017; mortgage rates have shot up simultaneously. As of February 22, the average, 30-year, fixed mortgage was 4.40 percent—and it could increase to 4.75 percent over the next year, forecasters speculate.

NAR’s REALTORS® Confidence Index, however, indicates there is traction, even with January’s figures sliding.

“Even though contract signings were down, REALTORS® indicated that buyer traffic in most areas was up January compared to a year ago,” Yun says. “The exception was likely in the Northeast, where the frigid cold snap the first two weeks of the month may have contributed some to the region’s large decline.”

There are other positives, says Yun.

“As new multi-family supply catches up with demand and slows rents, some large investors may begin putting their holdings of affordable single-family homes up for sale, which would be great news, particularly for first-time buyers,” Yun says. “Furthermore, sellers last year typically stayed in their home for 10 years before selling (an all-time high); although higher mortgage rates will likely discourage some homeowners from wanting a new home with a higher rate, there are possibly many pent-up sellers who may look to finally trade-up or move down this year.”

For more information, please visit www.nar.realtor.

Sullivan County NY Sales Data 2018

For 2017, home sales in Sullivan County NY increased by 2.2 percent with end of year total accounting for 590 home purchases.  Median prices rose from $128,000 to $135,000 accounting for a 5.5 % increase from 2016 levels.  Medium pricing is defined by 50 percent of homes sold fall above $135,000 with the remaining 50% falling below that number.  (See Local Realtors: Pace of home sales largely returning to prerecession levels)

Local Sullivan County brokers anticipate stronger sales for 2018 with many more showings occurring in the usually slower winter months.  The “Casino Effect” has shaped the Monticello, NY market to some extent by creating excitement and new motivation for home buyers to consider buying while commercial investors continue to eye the area to determine long term investment potential.

Overall, realtors® are optimistic 2018 will continue the upward trend with m.)ore buyers and somewhat higher pricing due to stronger demand.  The rental market is being driven by the new casino housing demands while other businesses continue to expand job opportunity creating a better return on investment for rental property.